Posted by 101livescan on 4/8/13 8:51am
Msg #464903

NEGOTIATING YOUR FEES! THE HIGHEST FEES!

I'm cutting and pasting something Moneyman/TX posted earlier because in no time it will disappear and most won't see it. It is important enough for everyone to read today as you're wondering how you get from $75 to $150. Just try it, it works. We know it works. We do it all the time.

Take it from those of us who've been doing it for some years now. NEGOTIATE YOUR BEST FEE.

If you have set your signing fee at $150 (for an X type of signing) but when someone offers you $75, you immediately start discounting your own fees to $90 ,or worse, actually jump at their $75 offer, you have just devalued your own services yourself. Why would they ever pay you $150 for what they know they can get for $90 (or lower)? They might even offer to pay someone else $125 before they would pay you even $100. They might do that just so that the next time they called you, they can try to get you to discount your own fees some more, hoping that you are fearful of "losing" their business.

Not knowing who is and, more importantly, who is not, your actual target market customer is a very costly mistake for any business.

(Not for known low-balling or non-paying SS's)
When I receive a call from a SS that says something like "We have a refi signing in _____ (a local city) for Tuesday @ 3pm. It pays $75 (or anything less than the fee I charge). Do you have availability?"
(I focus on the last question they asked first) I look at my schedule and, if I can schedule it, I say something like, "As of right now, I do have availability for that signing. My fee for this e-doc refi signing request, with no fax backs, is $150." --- Then, I SHUT UP! (this is the most important part).

They will either agree to my fees, attempt to negotiate (with a more reasonable counter offer well above $100), or they will keep searching for someone that is willing to discount, and devalue imo, their own services. If they choose the latter, they are not in my target market and thus, were not really a potential customer of mine anyway.

Like it or not, the NSA business involves sales. Anyone not willing to learn how to properly sell themselves and their services (i.e. mastering selling techniques) does so at their own peril.

I think it's time we took our businesses back, not letting the volume issue become our issue. Just because SS's have their new volumes and they are working for less, doesn't mean we have to accept their volume discount. How can we? Now in order to work with that volume with TC's, they've had to hire on more people, which means more overhead. No wonder they want us to accept lower fees. Stick to your guns, people. Get out there and market yourself to companies who pay directly without the middle man who skims the cream off the top, leaving you the skinny.

Have a great month!

Reply by ananotary on 4/8/13 8:57am
Msg #464905

"Then, I SHUT UP!" I have a sales/marketing background

In my previous career. This was the #1 thing I learned for negotiating. "The first one who speaks loses". Works like a charm!

Reply by 101livescan on 4/8/13 9:08am
Msg #464907

Re: "Then, I SHUT UP!" I have a sales/marketing background

Wow, I learned this technique a few years ago myself. We need to bring our new friends here along. Otherwise, they will bury themselves.

I've heard quite a people say they are looking for full time work because there is little work and what work they get pays so little.

Time to reinvent yourselves. First of all, the job market is narrow. Kids get jobs for $10 an hour. Good grief, you really want to work for that? Might as well stay home.

After Uncle Sam takes his taxes, FUTA increases, SS increases, not much left. GET BUSY, PEOPLE. Learn the art of negotiation. Way easier than looking for a peanut paying job.

We've got two more years of low interest rates. Two more years to get grounded in this business and make the most of it. Still lots of work out there. Kick in or kick out. Now is the time.

Reply by tony1994CT on 4/8/13 9:59pm
Msg #465021

Re: "Then, I SHUT UP!" I have a sales/marketing background

Correct
make your statement then SHUT UP and WFA(wait for answer)

Reply by brass/LA on 4/8/13 9:24am
Msg #464910

Amen!

Reply by CopperheadVA on 4/8/13 9:27am
Msg #464912

I recently got called by a well-liked SS - I quoted $125 but they wanted to pay $100. They said they only get $125 from TC. Since the job was literally in my own neighborhood only several streets away, we compromised at $115. Then I received the confirmation and it said faxbacks were required - entire package! OK well I am not doing this job for $115. I contacted SS and I told them my fee with faxing back the entire package is $150. They said we only get $140 from TC, so can you do for $135? At that point I told them no, my fee is $150 and so I guess they need to reassign to a different notary. Nope - they met my fee.

OMG on the previous phone call they said they get $125 from TC, now they say they get $140??? Something to keep in mind next time you hear that from a SS.

Reply by Lee/AR on 4/8/13 9:34am
Msg #464914

Put them on the spot. When they 'need approval', tell 'em you'll hold.

Reply by 101livescan on 4/8/13 9:38am
Msg #464915

They have "wiggle" room.

Reply by Lee/AR on 4/8/13 9:42am
Msg #464916

Elaborating on my own above post.

There is a saying in real estate: " 'Be-backs' never are." You have one chance to sell your service--make it count! (Yes, sometimes they will call you back, but only because they are desperate--your job is to stop the shopping around and get the job now.)

Reply by Notarysigner on 4/8/13 10:05am
Msg #464917

Sometimes simply asking, "Are you a SS or TC " will

set the focus on the fee to be offered....and will often save you a lot of time in discussion. I try to keep my call time around 13 - 18 seconds.

Reply by Moneyman/TX on 4/9/13 6:04pm
Msg #465113

I like that! :-) n/m

Reply by Moneyman/TX on 4/9/13 6:03pm
Msg #465112

I always laugh a little when I hear "we only get $125" or "we don't even get that much". My first thought is either 1) they are lying or 2) Really? LOL They are really bad at negotiating with TC's

Either way, how little they "get" is not my concern. I'm not in business to keep them in business just so I can go out of business.

Good job on getting your fees Copperhead!

Reply by Alice/MD on 4/8/13 11:09am
Msg #464924

Re: My fee is set !

I get my fee or I won't take the job. I will make for doing 2 signings the same amount as someone else doing 3 signings or 4 signings to make the same amount... not to mention the printing and travel cost.

Volume is not always good for me.

Reply by Moneyman/TX on 4/9/13 6:08pm
Msg #465115

Re: My fee is set !

You are so correct, Alice. A lot of people confuse staying busy with actually making a profit. I have known a lot of "discount" retail locations that are no longer in business because they could not make enough profit because they were trying to compete for customers that were really not in their target market.

Reply by Roger_OH on 4/8/13 3:16pm
Msg #464956

Yep - not what they pay, but what YOU charge! n/m

Reply by Moneyman/TX on 4/9/13 6:09pm
Msg #465116

Thank you Cheryl. n/m